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Portfolio Allocation Drift: Is It Time to Rebalance Small Cap Exposure?

The S&P 500 has delivered strong returns over the past two years, setting 57 all-time highs in 2024 and adding more than 35 in 2025. Large-cap stocks have benefited from a combination of AI enthusiasm, resilient earnings, and strong economic growth. However, one corner of the market has been noticeably…

11/30/25 | Monthly Letter

Stocks Hit New Highs as Market Navigates Shutdown, Fed Policy, & AI Spending

Monthly Market Summary The S&P 500 Index rose +2.3% in October, bringing its year-to-date return to +17.5%. Large Cap Growth stocks gained +3.6% and outperformed the index, while Large Cap Value returned +0.4%. Major stock indices set new highs, with the S&P 500, Dow Jones, Nasdaq 100, and Russell 2000…

11/13/25 | Chart of the Month

S&P 500 Sets More Than 35 New Highs for Second Consecutive Year

The stock market is having another record-setting year. The chart below shows the S&P 500 has set 36 new highs since the start of the year. While it’s a decline from last year’s pace, the number of new highs in 2025 ranks 18th compared to the past 98 years. The…

10/17/25 | Chart of the Month

Consumers Are Optimistic About the Market, But Cautious on the Economy

Recent consumer survey data has revealed a widening gap between how consumers view the stock market and the economy. The dark blue line tracks the percentage of consumers who believe the stock market will rise over the next year, while the light blue line shows the University of Michigan’s Consumer…

09/30/25 | Quarterly Letter

3Q 2025 Recap & 4Q 2025 Outlook

Key Updates on the Economy & Markets Markets carried their strong momentum from Q2 into Q3, with the S&P 500, Nasdaq, and small-cap stocks each hitting new highs. Investor sentiment remained optimistic despite soft labor market data and mixed economic signals, and stocks traded higher due to strong corporate earnings,…

09/02/25 | Monthly Letter

Stocks Trade Higher as Federal Reserve Signals Rate Cut

Monthly Market Summary The S&P 500 Index rose +2.1% in August, bringing its year-to-date return to +10.7%. Large Cap Value stocks led with a +3.2% gain, while Large Cap Growth gained +1.2%. Health Care was the top-performing sector. Six additional S&P 500 sectors also outperformed the index, while Utilities and…

08/22/25 | Chart of the Month

How Withdrawal Rates Impact Your Portfolio in Retirement

Many people spend years preparing for retirement by saving and investing, but planning shouldn’t stop once the paychecks do. Transitioning from earning income to withdrawing it from your portfolio is a major shift with a new set of risks and decisions. This period, known as the distribution phase, requires careful…

08/07/25 | Monthly Letter

Stocks Trade Higher on Strong Q2 Earnings & Trade Deals

Monthly Market Summary The S&P 500 Index rose +2.3% in July, pushing its year-to-date return to +8.4%. Large Cap Growth stocks led with a +3.7% gain, while Large Cap Value gained +0.6%. Utilities was the top-performing sector, with the Technology, Industrials, and Energy sectors also outperforming the S&P 500. Defensive…

07/17/25 | Chart of the Month

Lessons from the ’90s: How AI Is Powering a New Investment Cycle

Technology spending is accelerating at the fastest pace in decades. Figure 1 shows investment in information processing equipment and software grew +14% year-over-year (YoY) in Q1 2025, the fastest pace since the late 1990s. During the dot-com era, investment in computers and software grew over +15% YoY before collapsing in…

07/08/25 | Quarterly Letter

2Q 2025 Recap & 3Q 2025 Outlook

Key Updates on the Economy & Markets After a volatile start to the year, the stock market staged a strong rebound over the last three months. In Q1, market sentiment was cautious due to rising policy uncertainty, concerns about slower economic growth, and questions about the longer-term outlook in the…

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